SOURCE: FLYHT Aerospace Solutions Ltd.

FLYHT Aerospace Solutions Ltd.

January 26, 2017 07:04 ET

FLYHT Enters USD $1.3 Million Sales Contract with Existing Chinese Customer

CALGARY, AB--(Marketwired - January 26, 2017) - FLYHT Aerospace Solutions Ltd. (TSX VENTURE: FLY) (OTCQX: FLYLF) (the "Company" or "FLYHT") is pleased to announce it has entered a contract with an existing customer in the People's Republic of China for the sale of the Automated Flight Information Reporting System (AFIRS™) for installation on Airbus A320 and Airbus A320NEO.

This contract for the sale of AFIRS 228 hardware is valued at approximately USD $1.3 million assuming FLYHT provides the hardware over the full term of the agreement. The operator is adding new Airbus A320 aircraft to its current fleet of CRJ-900 aircraft. The customer will install AFIRS as they take delivery of the new aircraft. This operator was highlighted in a previous press release, FLYHT Signs its First Chinese Customer for Data Services on August 15, 2016. FLYHT data services may be added to these new aircraft when they are placed into service, further increasing the value of the contract.

Installations are anticipated to begin in the middle of 2017; FLYHT currently owns required Supplemental Type Certificates (STC's) to commence the installations on the A320 and will pursue updates for the A320NEO.

About FLYHT Aerospace Solutions Ltd.

FLYHT is a leading provider of real-time aircraft intelligence and cockpit communications for the aerospace industry. More than 60 customers, including airlines, leasing companies and original equipment manufacturers, have installed our systems to increase safety, improve operational efficiencies and enhance profitability. FLYHT's proprietary technology, the Automated Flight Information Reporting System (AFIRS™), operates on multiple aircraft types and provides functions such as safety services voice and text messaging, data collection and transmission, and on-demand streaming of flight data recorder (black box), engine and airframe data. AFIRS sends this information through the Iridium Satellite Network to FLYHT's UpTime™ ground-based server, which routes the data to customer-specified end points and provides an interface for real-time aircraft interaction. AFIRS has flown over 2.4 million aggregate flight hours and 1.6 million flights on customers' aircraft. FLYHT holds supplemental type certificates (STC) which allow for the installation of AFIRS on 95% of transport category aircraft.

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Contact Information

  • Contact Information

    FLYHT Aerospace Solutions Ltd.
    Nola M. Heale, CPA, CA
    Chief Financial Officer
    403-291-7425
    nheale@flyht.com

    Investor Relations
    The Howard Group Inc.
    Dave Burwell
    Vice President
    (888) or (403)-221-0915
    dave@howardgroupinc.com